Only a year since its launch, Guildford-based Synoptica has landed a number of major blue chip clients and doubled its headcount.
Synoptica was formed by the merger of two companies in 2015 to deliver a focused approach to ground-breaking data technology.
The company wanted to push through a crowded market which was making it increasingly difficult for corporates to find innovators who could help them develop into new markets and segments.
“Our ambition is to become the leading global provider of B2B data for other businesses and investors - the largest database of SME data on the planet,” says CEO Stephen Mooney, who was also an Entrepreneur in Residence with universities network SetSquared and an advisor to the University of Surrey’s angel investment group Surrey 100.
Stephen Mooney, CEO Synoptica
His business model is to channel automatically sourced and valuable data from the web and other data sources into a central database and then use advanced AI to analyse and predict the winners in innovative companies who will drive high growth and high rates of adoptability.
“We will help discover innovation that can help a business, and our advanced techniques in deep learning and big data analytics can then help define business needs and match them to the best solutions in our global network,” added Stephen.
The target audience is large corporations to generate demand for innovation and solutions through their Synoptica platform, local government to help them identify high growth companies, investors and the innovator community.
Synoptica’s impressive performance so far has led to it being engaged by a government agency to analyse all of the businesses in their area and to build a map of the successful sectors and the most successful companies in those sectors. This process is fully automated and is now tracking progress of those companies to help attract inward investment and provide central government with high-value data about the economy.
“We are starting to deliver a stream of projects that are starting to engage a growing number of innovating companies,” said Stephen.
“This has led to us expanding our development team to take advantages of new opportunities that are being presented and we are investing heavily in technology to build links between diverse areas of the data available across the Internet.”
The company has benefited from the Enterprise M3 Growth Hub, an expert advice and resource network that fuels the growth of local businesses. Businesses. Synoptica has been working with Enterprise M3 Growth Champion Prem Gyani, who has spent more than 30 years developing cutting-edge companies in the IT sector.
Based on all that experience, Prem’s expectations for Synoptica are high.
“This is an amazing company with some early success,” he said.
“We have helped Stephen to understand how he can get some local government wins and use that to build the business. We have also connected him to various potential clients that he has been working with.
“The company has identified and is executing an immense and well discovered opportunity that could lead to them becoming the new D&B or Experian,” he said.
“The merger of two talent pools into a single company is a clear demonstration of a well thought out, long-term, strategy and well as a strong indication of the long term sustainability and success. They have demonstrated a refreshingly pragmatic and experienced approach to the need for operational cash flow by using the developers as a revenue-generating team alongside the development of their own product.”
Prem devotes much of his time to helping start-ups move further up the commercial ladder and encourages other established entrepreneurs to do the same.
“People with a level of experience should always consider helping smaller businesses, but should always bear in mind that SMEs will often kick back against typical mentoring and someone coming into their business telling them what to do,” he said.
“The secret is understanding how humans interact and that psychology is just as important as business knowledge when you are talking to people who have built their own businesses from scratch.”
With his help, there are key targets ahead for Stephen and his team.
The company is poised for high growth and will start building an impressive portfolio of large-scale data projects which will help it become acknowledged as a leading large-scale data provider in its market.
Working with app developers and research companies, it will continue to build brand awareness among the large corporate community and will dig deep into the sector to find the very best skills among staff who will help the company at the forefront of this technology.
CEO Stephen said the Growth Hub had offered an extra dimension to Synoptica’s work.
“We have had a great relationship with the Enterprise M3 Growth Hub and with Prem in particular. We have been able to tap into his huge experience and have benefited from the fact that he understood us very quickly.
“He has been able to open doors for us and put us in touch with people who have made a real difference to our business.
“It is both reassuring and essential that this support is there for aspirational and growing firms like us.